The news comes at quite a turbulent time for Cathay Pacific. Photo credit - Pixabay
Qatar Airways has made a significant investment in China's Cathay Pacific.
The share purchase, revealed earlier this week, will give Qatar Airways a 9.61 percent share in Cathay Pacific.
This will make it the third largest shareholder in the Hong Kong based airline, behind Swire Pacific Limited and Air China Limited.
The latter two companies combined continue to hold just under three quarters ownership of Cathay Pacific.
Commenting on the share acquisition, Cathay Pacific Chief Executive Officer, Rupert Hogg said:
“Qatar Airways is one of the world’s premier airlines. We already work together closely as fellow members of the oneworld alliance and we look forward to a continued constructive relationship."
The news comes at quite a turbulent time for Cathay Pacific.
It's latest traffic figures from October show a decrease in both the number of passengers carried when compared to the same period of the previous year, and the airline's load factor (which is to say, the percentage of seats on average that are sold on flights).
However, their cargo services and routes to Europe continue to perform well. Speaking about those results, Cathay Pacific Director Commercial and Cargo Ronald Lam said:
“Strong frontend momentum proved to be the driver for our passenger business in September, which was a result of growing demand for business traffic. After a generally lacklustre start, which was reflected by a low load factor, backend demand steadily increased and was strong in the lead up to the National Day and Mid-Autumn Festival holiday week in early October.''